Home Loan
A home loan or housing loan is the money acquired by people for a fixed period of time from banks or other organizations to purchase, build, repair or revamp a residential property. Banks charge interest on the amount of money obtained, which must be paid by the borrower alongside the principal amount.
Home loans can again be classified as per the requirements of the customer:
Home Purchase Loan
This type of loan is a simple home loan that allows you to purchase a new residential property.
Home Improvement Loan
If you ever wanted to renovate your home with a new aesthetic look or just wanted to structurally enhance and strengthen it, this type of home loan is what you’re looking for. It is basically concerned with the costs to renovate or repair your existing home.
Home Construction Loan
This type of loan is taken when the borrower wants to construct a new home on a given plot of land.
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Terms and Conditions
This information is for customer knowledge and awareness. The final decision lies with the Banks and NBFC’s with regards to approval of the loan application.
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